Business insurance solutions for Edmonton business owners
BrokerLink is an insurance brokerage that specializes in customized business insurance solutions. This means that we will stop at nothing until we find the right insurance policy for your business. Working alongside an insurance broker in Alberta, you will answer questions about your budget, insurance needs, and the unique risks faced by your company. From there, we will match you with your ideal coverage. A few of the most popular coverage recommendations we give our Edmonton customers include the following:
Commercial general liability insurance
Commercial general liability (CGL) insurance, also known as slip and fall insurance, is a form of liability insurance. The goal of CGL is to safeguard Edmonton business owners against the reality of third party lawsuits. Specifically, this type of third party liability insurance will protect you if a claim alleging bodily injury, property damage, or slander is brought against your business by a third party. A common example of a CGL claim is if a client who visited your office slipped and fell on a wet floor and decided to sue you. If this happens, your insurance company may help pay for the associated costs, like legal fees or medical bills, under the CGL portion of your Edmonton business insurance policy.
Product liability insurance
Product liability insurance may be part of your CGL insurance coverage if you opt to include it in your policy. This type of insurance is a necessity for any Edmonton business that sells products, including food and beverages to patrons. The reality is that if a product you sell causes bodily harm or property damage to another, they could sue you. It doesn’t matter if you manufacture the product, distribute it, or simply sell it to a customer. No matter what, you could be held liable. Therefore, product liability is important for any business that sells items, whether they be clothing, power tools, sports drinks, or anything in between.
Cyber liability insurance
Cyber liability insurance is another important type of liability insurance for businesses. As you might suspect, it aims to safeguard Edmonton businesses against a range of cyber-related threats, which may include cyber hacks, data breaches, and cyber attacks. As a business, it is your responsibility to keep sensitive information secure. If a data breach occurred and a hacker gained access to the personal or financial information of your customers, you could be held liable. Thankfully, with cyber liability insurance, your insurance provider would help cover the costs of an attack, such as legal fees, credit monitoring, and customer notification.
Commercial property insurance
Commercial property insurance is another type of must-have business insurance coverage in Edmonton. It is the only type of commercial insurance that will compensate you in the event that your physical place of work, whether that be a warehouse, retail store, restaurant, or office, is damaged. To be covered by commercial property insurance, the damage that occurred must have resulted from a named peril in your policy. Common named perils include theft, vandalism, fire, weather-related incidents, and more. As the policyholder, you get to choose which perils to be protected against, or you can select all perils insurance for broader coverage. Note that commercial property insurance not only protects the physical space your business operates in but also any business-related contents like office furniture or computers.
Business interruption insurance
Business interruption insurance can be added to your commercial property insurance coverage. Policyholders who want the added peace of mind of knowing that they will be compensated for lost business income due to a forced closure may wish to add business interruption insurance to their plan. More specifically, this type of coverage will reimburse businesses for lost income if their business must shut down temporarily due to damage caused by an insured peril.
Crime insurance
If you want your Edmonton business to be compensated if it is the victim of an employee or customer crime, then adding crime coverage to your commercial insurance policy is a must. This type of coverage will reimburse you if a customer or employee commits a crime that impacts your business, such as stealing something from it or purchasing an item using a fraudulent credit card.
Commercial auto insurance
Finally, commercial auto insurance is not just an important type of business insurance coverage in Edmonton, it may also be a mandatory one. Car insurance is a legal requirement everywhere in Alberta, so if your business uses vehicles, they will need to be insured. Regardless of whether you have one single delivery van or a fleet of trucks, commercial auto insurance is required. Note that insurance for a single vehicle is referred to as commercial auto insurance or business car insurance, whereas insurance for multiple business vehicles is called fleet insurance and fleet insurance requirements may differ. Generally speaking, however, commercial auto insurance is designed to protect your business from damage or losses that occur on the road when using a vehicle for business purposes. Commercial auto insurance coverage varies between policyholders but your policy must comply with Alberta’s minimum coverage requirements. This means your commercial car insurance coverage will need to include third party liability coverage, accident benefits coverage, and more. Learn more about how to insure business vehicles in Alberta by reaching out to BrokerLink today.
Additional commercial coverage options for your Edmonton business
BrokerLink is all about tailor-made business insurance coverage, which is why we can help Edmonton business owners find any type of commercial insurance they desire. From builder’s risk insurance to legal expenses liability insurance, here are a few additional coverage options Edmonton businesses can choose from:
- Employer liability insurance
- Employment practices liability insurance
- Employee benefits liability insurance
- Directors and officers/management liability insurance
- Legal expenses liability insurance
- Builders risk insurance
- By-law policy insurance
- Commercial earthquake insurance
- Overland water insurance
- Sewer backup insurance
- Equipment breakdown insurance
- Tool floater insurance
- Umbrella insurance
Why purchased commercial insurance for your Edmonton business
There are so many reasons why purchasing commercial insurance in Edmonton makes sense. Here are just a few of them:
Edmonton business insurance minimizes the impact of major financial losses
Businesses of all sizes can take a major hit from any instance of financial harm. You might be surprised to learn just how expensive a single lawsuit or incident of major property damage can be. Thankfully, commercial insurance can protect you from having to pay for major losses out of pocket. With the right coverage, your insurance company will step in and cover the costs up to your coverage limit and less your policy deductible.
Edmonton business insurance boosts your business’s reputation
Who doesn’t want to improve their business’s reputation? Purchasing commercial insurance is a surefire way to do so. In fact, some clients may even refuse to work with companies that don't have insurance. Therefore, making your business look more reputable and credible is another perk of Edmonton business insurance.
Edmonton business insurance can save you money
In the long run, buying Edmonton commercial coverage can actually save your business money. How? Depending on the unforeseen events that your business faces, the compensation you receive from your insurer could more than pay for your policy after only a few claims. Even from the outset, a BrokerLink business insurance specialist will make sure that you never spend more than you have to for commercial insurance.
Edmonton business insurance can safeguard your business against unexpected events
Lastly, Edmonton business insurance can safeguard your business against unexpected events, like if a fire breaks out in your warehouse and damages your inventory or a burglar steals merchandise from your electronics store. No matter the incident, the right coverage can reimburse you for unforeseen costs, like repair bills, property rent, loan payments, employee wages, and more.
How Edmonton commercial insurance costs are calculated
Cost matters, especially when it comes to commercial business insurance. Thankfully, BrokerLink is dedicated to helping businesses keep their insurance costs down. We have tons of tips to help you save money on any kind of commercial insurance coverage. We also offer free business insurance quotes to all Edmonton business owners. Get in touch today to take advantage of these complimentary estimates. In the meantime, if you want a better idea of how Edmonton commercial insurance costs are calculated, keep reading. The following is a list of factors that insurance companies across Canada consider when determining insurance premiums for businesses:
- Your years of experience in the industry.
- The size and location of your business.
- The annual and projected gross revenue of your business.
- The number of employees at your business.
- Your insurance claims history.
- The coverages, limits, and deductibles you select for your Edmonton business insurance policy.
- Whether your business operates online, in-store, or both.
How to get a free business insurance quote in Edmonton
Getting a free business insurance quote in Edmonton couldn’t be easier thanks to BrokerLink. We are pleased to offer free commercial insurance quotes to our Edmonton customers. Free quotes can be obtained through our website, over the phone by giving us a call, or in person at any one of our Alberta branches. When you get in touch, simply let a BrokerLink advisor know that you are looking for a business insurance quote. From there, you can expect to answer some basic questions about yourself, the business you run, your budget, and the types of coverage you are looking for. After that, all you have to do is sit back and relax while a licenced BrokerLink insurance advisor gets back to you with an accurate and competitive quote.
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Tips for finding quality Edmonton business insurance
Finding the right insurance policy for your business is no easy feat. Thankfully, BrokerLink is here to make this task easier. Below is a list of tips to help Calgary business owners find the best possible coverage for their businesses:
Shop around to find the best rate
When purchasing Edmonton business insurance, we strongly recommend shopping around and weighing your options before purchasing a policy. Purchasing the first policy you search for on Google is usually bad practice. Instead, enlist the help of a broker who will reach out to insurance companies across the country and compare their products to find you the best coverage at the lowest price for your business.
Consult with a commercial insurance broker in Edmonton
Another tip for finding the right insurance for your Edmonton business is to consult with a licenced insurance broker. BrokerLink has an entire team of licenced brokers in Edmonton, eager to help you and your business find great coverage. Since brokers have years of expertise, they can answer any questions you have, guide you through the entire insurance-buying process, and even recommend coverage types that may benefit your business more than others.
Consider bundling
If you need to purchase more than one type of insurance, why not bundle? Insurance bundles are a great way to save money on insurance. However, they only work if you buy more than one insurance product. Ask a BrokerLink insurance advisor which insurance companies offer bundles and what conditions need to be met in order to qualify for them. Some insurers allow you to mix and match insurance products, such as purchasing commercial insurance for your business and then auto insurance for your car or property insurance for your home.
Reassess your commercial coverage needs each year
Most Edmonton business insurance policies have one year terms. This gives you an opportunity to reassess your coverage needs year after year, and it’s important to do so. Reviewing your policy gives you a chance to determine whether your existing coverage still makes sense or not. If it doesn’t, now is the time to adjust it before it renews or expires. Alternatively, you might decide that you wish to let your policy expire or cancel it in favour of purchasing a brand new policy. Assessing your coverage needs year after year is the best way to ensure that your coverage reflects the current state of your business at all times. Otherwise, you run the risk of not having adequate protection, especially if your business grows in size.
Reduce risk with risk management
Reduce risk through risk management. Risk management is extremely important for all businesses across Canada. Implementing such a strategy will keep things running smoothly and mitigate the risk of a major incident or loss. The fewer incidents you have, the less stressed you will be and the fewer insurance claims you will have to make. This means more money in your business’s pocket. Ultimately, adopting a risk management strategy for your business will not only make it run more efficiently but can help you avoid an insurance premium increase on your commercial insurance policy. To learn more about risk management importance, contact BrokerLink.
We’re in your community
BrokerLink and community go hand in hand. We value the community above all else, and we put our money where our mouth is by getting involved in every community we operate in. You will constantly find us connecting with our Edmonton customers. Learn more about BrokerLink’s community values by checking out our blog or contacting us today.
Local Alberta insurance links
If you’re a member of a group or association, you may be eligible for more discounts.
Contact us
At Edmonton BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, travel plans, or pets, let us help you find the best coverage possible.
You can reach us by phone, email, or in person at any one of our locations throughout Alberta. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.
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FAQs on business insurance in Edmonton
Does commercial property insurance protect my business’s inventory from damage?
Commercial property insurance covers your business’s physical workplace from damage caused by insured perils, like fire, theft, vandalism, water damage, etc. The types of workplaces that commercial property insurance protects range and may include warehouses, office buildings, retail stores, cafes, and more. Along with protecting your business’s physical space from damage, it will also protect business-related contents, such as furniture, electronics, and even stock and inventory. Depending on the amount of stock and inventory your business has, additional commercial insurance may be required. At the very least, you will need to make sure that the coverage limit you select for your commercial property insurance coverage reflects the value of the inventory you want to protect.
Does crime insurance cover employee theft?
Yes, crime insurance doesn’t just protect businesses against customer theft. It also protects them against employee theft. This means that if one of your employees stole money from the cash box, a piece of merchandise from your store, etc., your insurance company would reimburse you for the loss if your commercial insurance policy included crime insurance.
I operate an Edmonton business from my home. Do I still need to purchase commercial insurance?
Yes, commercial insurance is still needed in the form of
home business insurance. You may also be able to purchase a business insurance endorsement for your home insurance policy. If you run a business out of your home and do not purchase any type of commercial coverage, whether as an independent policy or a home insurance add-on, you will not be protected should a loss or damage occur relating to your home business.
How can I find affordable commercial insurance in Edmonton?
Finding affordable commercial insurance in Edmonton is easier than you might think. There are all kinds of practices you can employ to make business insurance coverage more affordable, like bundling products, paying for your policy annually instead of monthly, selecting a high policy deductible, or implementing an effective risk management strategy.
Do all Edmonton businesses need business insurance?
Although business insurance is not mandated by the government in Alberta, every Edmonton business could benefit from insurance. Whether you run a small business with just five employees or a major company, your company faces risk, and the only way to protect yourself against these risks is with commercial coverage.
If you have any questions, contact one of our local branches.
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